There are some secondary principles that are also important. These cover the ability to evaluate risk and to grow a strong team and lead by example, as well as having a constant willingness to learn. It also helps to think out of the box and to be able to take opportunities that others cannot. Having mentors and being a master in your chosen field helps too.

Evaluate risk

There is a common misconception about entrepreneurs. Entrepreneurs are not gamblers in their quest for success: they are risk takers. You must evaluate the risk, and that risk must be weighted in your favour.

The downside must be manageable, while the upside must be high. Say, for example, you were thinking about managing a new or different pharmacy. To quantify the challenge if the role, it's important to research the pharmacy business you are seeking to manage.

This includes conducting a thorough assessment of the local competition and any likely movements of the nearest GP surgery. The age and condition of the local surgery can give you an idea of the likelihood of it being relocated. Use analytical tools such as SWOT and PEST analyses. A SWOT analysis looks at the Strengths, Weaknesses, Opportunities and Threats facing the business, while a PEST analysis looks at the competitive environment in terms of Politics, Economics, Sociology and Technology.

Lead by example

An entrepreneur needs to exhibit leadership qualities. Pharmacy staff need clear vision and guidance. Entrepreneurs not only lead themselves through self-motivation as self-starters who jump into tasks with enthusiasm, but are also skilled at leading others.

They understand the importance of teamwork and they understand the need to appreciate others, to support them and reward them accordingly. True leaders learn and practise the art of delegation. Entrepreneurs cannot be captain of a ship while shovelling coal in the engine room.

Leaders who take time to inspire, develop and motivate others can accomplish extraordinary things.